As part of its global expansion plans, Tesla Motors, Inc. ( TSLA ) has started delivering its vehicles in Australia. The electric carmaker marked the beginning of deliveries with a ceremony in Sydney, where it not only displayed the Model S but also opened its first retail store and service centre in the continent at St Leonards. Additionally, Tesla showcased a Supercharging station at the ceremony.
Tesla's superchargers are industrial grade, high-speed chargers that can revive 50% of the battery of a Model S in 20 minutes and provide full charge in 75 minutes. Meanwhile, normal charging stations take as much as 9 hours for full charge.
The company plans to connect Sydney with Canberra and Melbourne via Superchargers in 2015. In 2016, it expects to connect the key cities on Australia's eastern coast with Superchargers. Further, Tesla will open a store in Melbourne in 2015.
Tesla is now actively undertaking international expansion to boost sales. The company started the delivery of the Model S in Europe in Aug 2013 and in China in Apr 2014. The company also launched the right hand drive ("RHD") Model S in the U.K. in June and in Hong Kong in July. Further, it plans to start delivery in Japan soon.
The news brought some positive movement in Tesla's stock price, which has been declining recently on concerns that falling gas prices might affect the sales of electric cars. The stock gained 1.2% to close at $216.89 on Dec 9.
Tesla currently carries a Zacks Rank #5 (Strong Sell). Investors interested in the auto industry could consider better-ranked stocks like Gentex Corp. ( GNTX ), Douglas Dynamics, Inc. ( PLOW ) and STRATTEC Security Corp. ( STRT ), all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report